News last update:6 Aug 2012

Bunge, Yara to mine phospate in Brazil

The Brazilian units of fertilizer companies, Bunge and Yara International have signed a letter of intent with Brazil's Santa Catarina state government to mine for phosphate.

Bunge and Yara expect to invest 550 million Brazilian reals ($317 million) over a three-year period with the aim of producing some 240,000 metric tons of fertilizer per year, daily newspaper Gazeta Mercantil reported.

The two companies established a joint venture, Industria de Fosfatados Catarinense, for the mining project in Anitapolis, around 100 kilometers from the southern city of Florianopolis. The mine would help Yara reduce the amount of raw materials it needs to import into Brazil, Yara President Lair Hanzen told Dow Jones Newswires in February.

Brazil imports between 60% and 65% of all raw materials used to make fertilizers, while Yara imports 90% of its raw materials.

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Source: MorningStar

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